KSM Technical Analysis: Bearish Crossover Fuels Selling Pressure

Responding to the significant spread sell-off in the cryptomarket, the KSM price plunged below $75 support. Will this downtrend halt before $50? Key technical points: The KSM price shows the eighth consecutive daily candle turning red. The RSI slope nosedived into oversold territory. The 24-hour trading volume of Bitcoin is $228.2 Million, indicating a 50% hike. Past Performance of KSM After the February end bloodbath plunged the KSM price to $115, the coin witnessed a consolidation phase ranging from the mentioned support($115) to 200 psychological level. This range-bound rally lasted three months, after which the seller decided to continue the prevailing downtrend. Source-Tradingview KSM Technical Analysis On May 8th, the KSM price breakdown from the range bottom support of $115 released the trapped bearish momentum. The post-retest fall tumbled the altcoin by 40% and pulled it below $75 support. Thus, another support fallout indicates the sellers are preparing for a deeper leg down. The downsloping 100-and-200-day SMA reflects an overall downtrend. Moreover, the 50-and-100-day SMA approaching a bearish crossover could increase the selling pressure. In contrast to the falling price action, the Stochastic-RSI displays bullish divergence indicating the decreasing bearish momentum. Moreover, a potential bullish crossover between the K and D line at the oversold region increases the chances of a relief rally. The super trend ind...